Farallon Capital Management has raised $650m (€591.8m) for its latest US real estate fund, exceeding the fund’s original $500m target.
The manager said Farallon Real Estate Partners IV, which received commitments from existing investors in the fund series as well as new backers, counts endowments, both public and corporate pension funds, insurance companies, family offices and investment advisory firms among its investors.
Partners IV, a value-driven/opportunistic investment fund, will target a mixture of industrial, multi-family, retail and office sub-sectors by investing via equity, preferred equity and distressed debt investment structures.
Rocky Fried, partner and head of US real estate for Farallon, said: “We are deeply appreciative of the support from our limited partners and look forward to deploying this new capital into what we believe to be a very attractive market.”
Josh Dapice, a partner with Farallon, said: “We believe we are in the early innings of a widespread correction that will lead to attractive acquisition opportunities, particularly as it relates to working with owners in need of flexible and creative capital solutions.”
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